Posts Tagged ‘certificates of participation’

What the City of Riverside is not telling you, even with all the talent, is that the City debt, or your debt rather, is approximately $4.4 Billion ($4,462,592,303 ).  Which comes to approximately $58, 708 per Family of Four, or $14, 677 per individual living in the City of Riverside.   Get use to the higher utility rates!

1. CITY INDEBTEDNESS: From Comprehensive Annual Financial Report

Electric Utility Fund                                                             $828,474,000
Water Utility Fund                                                               $414,204,000
Sewer Utility Fund                                                              $537,281,000
General Obligation Bonds                                                      $25,003,000
Pension Obligation Bonds                                                    $182,448,000
Certificates of Participation                                                  $348,180,000
Contracts: Enterprise Funds                                                       $949,000
Notes Payable: Sewer Fund                                                     $8,030,000
Commercial Loan-City National Bank                                        $1,100,000
Capital Leases                                                                       $9,570,000
Workers Compensation Advances to Other Funds                      $8,854,000
Electric Fund Advances to Central Stores                                     $650,000
CalPERS New Pension Asset                                                $140,898,000
Other Post-Employment Benefits:
     OPEB-Stipend Plans                                                          $1,230,000
     OPEB-Implied Subsidy                                                      $9,853,000
Long Term-Electric Utility Commitments-SCPPA                     $437,041,000
Landfill Capping                                                                    $7,030,000 

TOTAL CITY INDEBTNESS                                           $2,960,799,000

  

2. REDEVELOPMENT AGENCY INDEBTNESS: From Annual Report to the State Controller: Summary Statement of Indebtness, for all Project Areas.

Tax Allocation Bonds                                                           $395,985,967

Other Long Term Debt                                                          $38,817,615

Advances From The City of Riverside                                     $221,028,819

Low-To-Moderate Income Housing Fund                                $306,358,666

Other                                                                                 $500,625,035

TOTAL REDEVELOPMENT AGENCY INDEBTNESS       $1,501,793,303

THEREFORE:

1. TOTAL CITY INDEBTNESS                                          $2,960,799,000

2. TOTAL REDEVELOPMENT AGENCY INDEBTNESS     $1,501,793,303

=TOTAL AGGREGATE CITY OF RIVERSIDE DEBT         $4,462,592,303     

CITY OF RIVERSIDE COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR 2010                

KEEP CONNECTED WITH TMC, RATED RIVERSIDE’S MOST “SLANDEROUS” AND MEZZSPELLED, “MISSPELLED” BLOG SITE!  TMC IS NOW EXCLUSIVELY ON FILE WITH THE COUNTY OF RIVERSIDE’S DISTRICT ATTORNEY’S OFFICE, AND THAT’S ALL WE’RE GOING TO SAY ABOUT THAT ONE.  ANONYMOUS SOURCES WELCOMED, DOCUMENTATION AND PHOTOS WELCOMED, MAKING THEM HONEST, AND HELL, IT AIN’T EASY….

UPDATE: 09/03/2011: THE CITY OF RIVERSIDE DOESN’T HAVE ENOUGH MONEY TO BUILD ALL THE AMENITIES PLANNED FOR TEQUESQUITE PARK.  CITY BLAMES LACK OF FUNDING ON STATE REDEVELOPMENT.  CITY COUNCILMAN MIKE GARDNER STATES THAT TO COME UP WITH THE $19 MILLION STATE PAYMENT TO CONTINUE REDEVELOPMENT, THE CITY HAD TO RAID EVERY  AVAILABLE FUND, WHICH DRAINED POTENTIAL PARK FUNDING. THIS ONLY SOLIDIFIES THE IMPLICATION THAT THE LEASE CONTRACT THE CITY SIGNED WITH BB&K WAS IMPLEMENTED TO ALLOW A REVENUE SOURCE FOR REPAYMENT OF THE REDEVELOPEMENT BONDS WHICH WILL COME DUE. CURRENTLY THE STATE HAS PLACED A STAY ON ALL CITY REDEVELOPMENT ACTIVITY IN THE STATE OF CALIFORNIA.  IT ALSO APPEARS THAT THE PRESS ENTERPRISE IS EMPLOYING A NOTABLE PRACTICE OF SELECTIVE PLACEMENT OF THE COMMENT SECTION IN FAVORED ARTICLES.  WHAT ENDEARING RELATIONSHIP DOES THE PRESS HAVE WITH THE CITY OF RIVERSIDE?  SINCE THE STORY RAN WITH FALLEN OFFICER BONAMINIO, COMMENTS BECAME HEATED.  THIS TOOK NOTICE OF RIVERSIDE CHIEF OF POLICE SERGIO DIAZ.  WHO RESPONDED BY CALLING RIVERSIDIAN’S CHEETO EATERS IN THEIR UNDERWEAR!  COMMENTERS DID NOT TAKE THIS LIGHTLY AND RESPONDED.  SINCE THEN THEIR HAS BEEN AN UNQUESTIONABLE TIGHTENING-UP OF THE COMMENT SECTION BY HAVING TO SIGN UP WITH ONE OF THE MAJOR SOCIAL NETWORKING PAGES.  SOME HAVE SAID THAT THIS HAS STOPPED REAL RESPONDENTS FROM POSTING.  THE QUESTION IS, DID THE CITY HAVE A HAND IN THIS, DID CHIEF SERGIO DIAZ HAVE A HAND IN IT? ACCORDING TO SOME INSIDERS’S, HE MONITORS THE COMMENT SECTION OF THE PRESS ENTERPRISE FREQUENTLY, AND OTHER BLOG SITES,  ESPECIALLY TMC…..